Bitwise Drops Polkadot and Avalanche, Adds Hyperliquid and Stellar to Flagship Crypto ETF

Bitwise has removed Polkadot and Avalanche from its Bitwise 10 Crypto Index ETF, replacing them with Hyperliquid and Stellar in the fund’s latest monthly rebalance.

BITW functions like a crypto stock index fund, automatically holding the 10 largest eligible coins by market cap. That structure gives investors exposure to newly added tokens without having to buy them directly.

Hyperliquid Earns a Top Spot by Market Size

Hyperliquid entered the fund at a 0.93% weight, making it BITW’s fifth-largest holding, ahead of Cardano, Chainlink, Litecoin and Sui. Stellar joined at a smaller 0.38% weight. Bitcoin still dominates the fund, accounting for 77.54% of total holdings. Hyperliquid qualified through sheer market size, ranking 10th among all cryptocurrencies at roughly $15 billion. The token trades near $67.92, having touched an all-time high of $76.70 on June 16. Hyperliquid runs the leading decentralized exchange for perpetual futures, a popular derivatives product, and holds a commanding lead in that market. Stellar ranks 18th overall but cleared Bitwise’s eligibility screens to make the cut.

Polkadot and Avalanche Fall Out on Rankings, Not Performance

The removals reflect market cap rankings rather than any judgment on the underlying projects. Polkadot peaked near $54.98 in November 2021 and now trades around $0.83, a 98% drop that has pushed it to 53rd place.

Avalanche topped $144 that same month and has since fallen 95% to $6.76, landing at 32nd. Both tokens joined BITW at its NYSE Arca launch in December 2025 and lasted about six months. Neither project’s on-chain activity, staking or development has been affected by the change.

Hyperliquid’s Position Looks Secure for Now

Hyperliquid’s $15 billion valuation is roughly 10 times Polkadot’s and five times Avalanche’s, giving it a wide cushion. Recent ETF flow data also showed Hyperliquid-linked products pulling in fresh capital while bitcoin funds saw outflows. Still, only about 22% of Hyperliquid’s 1 billion token supply is currently circulating, and its fully diluted valuation of nearly $64 billion is more than four times its current market cap, meaning scheduled token unlocks remain a risk to watch.